Change Management
CG-05Obtain the sponsor bank’s written approval for critical service provider changes
How Leela would run itEvent-driven · each new, changed, or terminated critical service provider; 30 days before signing, 60 days before terminating
From the policy libraryThe requirement
The Company does not sign an agreement with a critical service provider without the sponsor bank’s prior written approval, and notifies the bank in writing at least 30 days before signing, describing the services, scope, pricing, term, and the key terms on data security, confidentiality, compliance, and termination. A material change to an existing critical service provider agreement requires the bank’s prior written approval, and terminating one requires 60 days’ written notice. Every critical service provider agreement carries the bank’s step-in and direct reporting rights.
- Applies
- Tell Leela about your company to see whether this applies.
- Status
- Setup needed
Tell Leela how you handle it today, or hand it over: see what’s next.
The work
Identify the change as a critical service provider change at triage, send the bank the notice with the required description, obtain and file the written approval before signing or changing scope, and give the 60-day notice before any termination.
What Leela keepsThe evidence this obligation leaves, as the work happens
Listed from the policy libraryContents
- 01Critical service provider noticeServices, scope, pricing, term, key terms, date sent, days before signing
- 02Sponsor bank written approvalApproval letter or email, date, conditions
- 03Termination noticeProvider, planned end date, date notice sent
Evidence
Critical service provider notice
Change Management §3.1, §3.2, §5
3
of 3 records
The work and the records come from this obligation in the policy library.